Funding led by Good Energies with continued backing from existing investors
Yaletown Venture Partners and Polygon Group
AUSTIN, Texas, Sept. 22 /PRNewswire/ -- Microstaq Inc., today announced
that it has closed a $12.5 million Series B financing round. Microstaq is
the world leader in the design and manufacture of Micro Electro Mechanical
Systems (MEMS) based flow control valves that enable material energy
savings in HVAC, Refrigeration, Automotive, and other sectors. Funding was
led by Good Energies, a leading global investor in renewable energy and
energy efficiency industries, with follow-on investments from existing
investors Yaletown Venture Partners and Polygon Group. Microstaq intends to
use the investment to expand the sales and distribution of its patented
MEMS-based valve technology.
MEMS valves have existed for some time, but Microstaq is the first
company to develop MEMS valves and commercialize them for macro-flow and
macro-pressure fluid control applications at extreme temperatures. These
characteristics are what make the products suitable for a number of
different applications, including heating, ventilation and air-conditioning
(HVAC) systems. HVAC represents roughly a quarter of all electricity
consumption in the US, so improvements in the energy efficiency of these
systems can have very large environmental and economic benefits.
Microstaq's products enable energy efficiency gains of 20% or more in HVAC
systems. Energy savings come from the valve's ability to precisely and
electronically control fluid flow, down to 0.5% increments, which allow
systems of all types to be more efficiently operated. The MEMS valves also
have fewer moving parts than their conventional counterparts, increasing
reliability and reducing maintenance costs. Their electronic
controllability eliminates the need for 'tuning.' Microstaq's products also
offer lower overall system cost. The company is now in late stage
development work with major HVAC OEM manufacturers.
"The commitment by this esteemed group of investors with expertise in
the energy efficiency sector is a clear affirmation of our technology,
industry- leading position and growth potential," said Sandeep Kumar, CEO
of Microstaq. "We are excited to have these investors on our team as we
continue serving our existing customers, identifying new clients and
developing additional energy efficiency applications for our revolutionary
products."
Since Microstaq's Series A financing round in 2006, the company has
proven its products' superiority across a broad range of applications. In
early September, at DEMOfall 2008, Microstaq launched a series of new
products for the HVAC/R market that offer some of the most cost effective
ways to increase energy efficiency in the industry, while reducing
maintenance needs and extending system life. The company has also gained
the interest of some of the largest HVAC/R OEM's who are assessing the
Microstaq MEMS valve for adoption into their platforms.
"Good Energies' investment in Microstaq is part of our strategy of
investing in pioneering companies that have created game-changing energy
efficiency products," said John Breckenridge, Managing Director of Good
Energies. "Microstaq's MEMS valves are a leap forward in valve design, and
have the potential to yield tremendous energy savings across a number of
industries. We look forward to working with Sandeep and Microstaq's
management team and leveraging our knowledge of the energy efficiency
industry to help the company achieve its objectives for the transformative
technology it has developed."
About Microstaq Inc.:
Microstaq is a global supplier of silicon MEMS based fluid control
solutions. Customers benefiting from Microstaq's electronic refrigerant
expansion control technology include the world's largest HVAC/R providers.
Silicon MEMS based fluid control solutions, which can be customized for
virtually all fluid media, have applications in HVAC/R, automotive, medical
and industrial products and systems. For more information, visit
http://www.microstaq.com.
About Good Energies:
Good Energies is a leading global investor in renewable energy and
energy efficiency industries. The firm invests in solar, turbine-based
renewables, green building technologies and other emerging areas within
clean energy. Guided by the "3-P" principle of People-Planet-Profit, Good
Energies looks for meaningful, long-term investments in companies with
outstanding growth potential. The firm's mission is to accelerate the
global transition to a low-carbon economy.
Founded in 2001, Good Energies manages the renewable energy portfolio
of COFRA, a family owned and managed group of companies. The firm operates
globally from offices in London, New York, Toronto, Washington, D.C., and
Zug, Switzerland. Good Energies' annual investment budget is EUR 350
million (US$ 500 million) and its current portfolio has a market
capitalization of more than EUR 4 billion (US$ 6 billion).
http://www.goodenergies.com.
About Yaletown Venture Partners:
Yaletown Venture Partners is headquartered in Vancouver, Canada.
Yaletown is backed by leading institutional investors in Canada and the
United States and by a network of successful technology entrepreneurs,
executives, and angel investors. Yaletown leverages an extensive
on-the-ground network to seek out the most promising early-stage cleantech
deals in British Columbia, Washington, and Oregon and the most promising
information technology start-ups in British Columbia. Then we take an
active, lead role with entrepreneurs, building teams and well-financed
companies that can dominate growing markets. We are laser-focused
early-stage investors in the sectors and geography that we live and breathe
every day.
About Polygon Group of Companies:
The Polygon Group of Companies is a diversified, professionally-managed
investment firm with active current portfolios in technology, resources,
agriculture, and real estate.
SOURCE Microstaq Inc.
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Related links:
http://www.microstaq.com
http://www.goodenergies.com
CONTACT:
Dr. Alexander Rohde, Corporate
Secretary/Spokesperson for Good Energies, +41-41-560-66-60,
alexander.rohde@goodenergies.com; or U.S. Media: Kenny Juarez,
kwj@abmac.com, Dana Gorman, dtg@abmac.com, both of The Abernathy
MacGregor Group, +1-212-371-5999; or European Media: Bettina
Fries of Hering Schuppener Consulting, +49-211-430-79-70, or
bfries@heringschuppener.com; UK Media: Nadine Slater of The
Maitland Consultancy, +44-20-7379-5151, or
nslater@maitland.co.uk, all for Good Energies
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